TIDMPRTC
RNS Number : 4077D
PureTech Health PLC
31 January 2018
31 January 2018
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
PureTech Health plc
PureTech Affiliate resTORbio Announces Closing of Initial Public
Offering and Full Exercise of Underwriters' Option to Purchase
Additional Shares
PureTech Health affiliate raises additional $12.8 million,
bringing gross offering proceeds to $97.8 million
PureTech Health plc (LSE: PRTC), an advanced, clinical-stage
biopharmaceutical company, announced today that resTORbio, Inc.
(resTORbio), an affiliate of PureTech Health, has announced the
closing of its initial public offering of 6,516,667 shares of
common stock at a public offering price of $15.00 per share, which
includes the exercise in full by the underwriters of their option
to purchase up to 850,000 additional shares. The gross proceeds
from the offering were $97.8 million, before deducting underwriting
discounts and commissions and estimated offering expenses. The
shares commenced trading on the Nasdaq Global Select Market on
January 26, 2018 under the ticker symbol "TORC."
The full text of the announcement from resTORbio is as
follows:
resTORbio Announces Closing of Initial Public Offering and Full
Exercise of Underwriters' Option to Purchase Additional Shares
BOSTON, Massachusetts, January 30, 2018 - resTORbio, Inc.
(NASDAQ:TORC), a clinical-stage biopharmaceutical company focused
on the development and commercialization of novel therapeutics for
the treatment of aging-related diseases, today announced the
closing of its initial public offering of 6,516,667 shares of
common stock at a public offering price of $15.00 per share, which
includes the exercise in full by the underwriters of their option
to purchase up to 850,000 additional shares. The gross proceeds
from the offering are expected to be $97.8 million, before
deducting underwriting discounts and commissions and estimated
offering expenses. All of the shares in the offering were offered
by resTORbio. The shares commenced trading on the NASDAQ Global
Select Market on January 26, 2018 under the ticker symbol
"TORC."
BofA Merrill Lynch, Leerink Partners, and Evercore ISI acted as
joint book-running managers for the offering. Wedbush PacGrow acted
as a co-manager for the offering.
A registration statement relating to these securities has been
filed with, and declared effective by, the Securities and Exchange
Commission. Copies of the final prospectus relating to this
offering may be obtained from BofA Merrill Lynch, NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte, NC 28255-0001,
Attention: Prospectus Department, or by email at
dg.prospectus_requests@baml.com; Leerink Partners, Attention:
Syndicate Department, One Federal Street, 37th Floor, Boston, MA
02110, or by telephone at (800) 808-7525 ext. 6132, or by email at
syndicate@leerink.com; or Evercore ISI, Attention: Equity Capital
Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055,
telephone: (888) 474-0200, or by email at
ecm.prospectus@evercore.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About resTORbio
resTORbio, Inc. is a clinical-stage biopharmaceutical company
focused on the development and commercialization of novel
therapeutics for the treatment of aging-related diseases.
resTORbio's lead program focuses on selective inhibition of the
target of rapamycin complex 1 (TORC1) pathway to treat
aging-related diseases with an initial focus on diseases caused by
immunosenescence, the decline in immune function that occurs during
aging.
Contacts:
Beth DelGiacco
Stern Investor Relations, Inc.
212-362-1200
beth@sternir.com
Michael Lampe
Scient PR
484-575-5040
michael@scientpr.com
Ownership Information and Other Required Disclosures
PureTech Health invested $19.0 million in resTORbio prior to its
IPO and invested $3.5 million in the IPO. After giving effect to
the IPO, PureTech Health owns 9,800,396 shares of common stock
representing approximately 34.2% of resTORbio including the
exercise of the underwriters' option to purchase additional 850,000
shares (calculated on a diluted basis)(1) .
(1) This calculation includes issued and outstanding shares as
well as outstanding options to purchase shares, but excludes
unallocated shares authorised to be issued pursuant to equity
incentive plans.
About PureTech Health
PureTech Health (PureTech Health plc, PRTC.L) is an advanced,
clinical-stage biopharmaceutical company developing novel medicines
targeting serious diseases that result from dysfunctions in the
nervous, immune, and gastrointestinal systems (brain-immune-gut or
the "BIG" axis), which together represent the adaptive human
systems. PureTech Health is at the forefront of understanding and
addressing the biological processes and crosstalk associated with
the BIG axis. By harnessing this emerging field of human biology,
PureTech Health is pioneering new categories of medicine with the
potential to have great impact on people with serious diseases.
PureTech Health is advancing a rich pipeline of innovative
therapies that includes two pivotal stage programmes, multiple
human proof-of-concept studies and a number of early clinical and
pre-clinical programmes. PureTech's rich research and development
pipeline has been advanced in collaboration with some of the
world's leading scientific experts, who along with PureTech's team
of biopharma pioneers, entrepreneurs and seasoned Board, identify,
invent, and clinically de-risk new medicines. With this experienced
team pursuing cutting edge science, PureTech Health is building the
biopharma company of the future focused on improving and extending
the lives of people with serious disease.
Forward Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to
PureTech's future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in the regulatory filings for PureTech Health. These
forward-looking statements are based on assumptions regarding the
present and future business strategies of the company and the
environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law and regulatory requirements,
neither PureTech Health nor any other party intends to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Contact:
PureTech Health
Investor Relations
Allison Mead
Talbot
+1 617 651 3156
amt@puretechhealth.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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